[Click e-Stock] "QRT Sees Rising Demand for Semiconductor Testing... Driven by RF Communications and Space"

On April 8, Hanyang Securities analyzed that QRT is accelerating its transition into a comprehensive verification platform company, expanding its business scope beyond semiconductor reliability assessment to encompass RF communications and the space industry.

QRT is a company that conducts both semiconductor reliability assessment and comprehensive analysis, and was listed on the KOSDAQ market in November 2022. Reliability assessment is an area that determines mass production suitability, while comprehensive analysis identifies the causes of defects.

Junseok Lee, a researcher at Hanyang Securities, explained, "As semiconductor miniaturization and high stacking become more advanced, the ability to perform both functions simultaneously is becoming increasingly important." He added, "From the perspective of client companies, being able to conduct testing and analysis at the same time can reduce the cost of failures during the development and mass production transition process."

QRT's largest client is SK hynix, and with the recent trend of increased semiconductor integration, demand for not only reliability assessment but also high-value-added comprehensive analysis is rapidly growing. Furthermore, the addition of new equipment related to communications and space, such as RF HTOL and SEE, is accelerating the expansion of the company's business portfolio. As a result, there is analysis that QRT is at a point where it should be re-evaluated as a comprehensive verification platform company rather than a simple reliability assessment firm.

In particular, growth potential in the RF communications sector is drawing attention. The RF chip market, which was once simple, now demands highly advanced reliability verification as it enters the era of 5G and 6G. QRT has secured technological competitiveness by localizing RF lifespan prediction equipment (RF HTOL), which was previously monopolized by American companies.

Researcher Lee evaluated, "The company has emerged as a key player in the global technology hegemony competition by localizing RF lifespan prediction equipment (RF HTOL), previously dominated by American firms." He added, "By offering verification solutions that address heat generation and signal interference issues arising from the introduction of the terahertz (THz) band, QRT is expected to benefit from the spillover effects of the RF semiconductor market, which is expanding from communications to defense."

The space industry is also emerging as a new growth pillar. In space environments, radiation disrupts the charge state of semiconductors, causing soft errors that can lead to malfunctions in satellites and spacecraft. As a result, radiation verification has become an essential procedure.

Researcher Lee stated, "The company is the only domestic core business operator capable of selecting and verifying candidate products suitable for space environments through SEE (Single Event Effect), a radiation inspection component for space semiconductors." He added, "QRT will serve as a critical gateway in the New Space era." He further explained, "Revenue from space-related projects is expected to double from about 5 billion won in 2025 to about 10 billion won in 2026."

In terms of performance, clear growth is also expected. QRT's projected results for 2026 are 85 billion won in sales, a 23.4% increase year-on-year, and 9.45 billion won in operating profit, a 97.6% increase. Since the core business of reliability assessment experiences repeated demand as product types increase, it provides a stable foundation for growth.

Researcher Lee analyzed, "Recently, product diversification through the HBM4, CXL 3.1, and SOCAMM2 series is stimulating increased demand for verification," adding, "This means that the core business is not simply seeing an increase in volume, but is also accompanied by a rise in test difficulty and ASP."

Although RF semiconductor testing does not yet account for a large portion of revenue, it is expected to play an important role in terms of corporate value. The space business is also an area with highlighted mid- to long-term growth potential.

He emphasized, "Ultimately, the downside is protected by the core business, while the upside is opened up by RF and space." He added, "The company's key investment point is not just a simple turnaround in performance, but the expansion of multiples as RF and space are added on top of the core business."

This content was produced with the assistance of AI translation services.